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Inventories

12 Months Ended

Dec. 31, 2014

G. Inventories


December 31,	2014		2013
Finished goods	$	768	$	578
Work-in-process		1,035		828
Bauxite and alumina		578		581
Purchased raw materials		508		474
Operating supplies		193		244

	$	3,082	$	2,705

At December 31, 2014 and 2013, the total amount of inventories valued on a LIFO basis was $1,514 and $1,169, respectively. If valued on an average-cost basis, total inventories would have been $767 and $691 higher at December 31, 2014 and 2013, respectively. During 2013 and 2012, reductions in LIFO inventory quantities caused partial liquidations of the lower cost LIFO inventory base. These liquidations resulted in the recognition of income of $26 ($17 after-tax) in 2013 and $1 ($1 after-tax) in 2012.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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